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It could even pave the way for a four-year Lib-Lab pact.
However, the 2008 results may well tempt some politicians to revive the idea of a Lib-Lab pact.
The Lib-Lab pact which was maintaining the government in power fell apart in 1978.
Labour was born in a secret Lib-Lab pact.
The whips were essential at that period, with a minority government only able to pass legislation thanks to the Lib-Lab pact.
The agreement was made in the context of a potential Lib-Lab pact should Labour not win an overall majority.
The most recent and comprehensive of these relationships was the Lib-Lab Pact of 1977-79.
Callaghan was forced to make deals with minor parties in order to survive, including the Lib-Lab pact.
Stallard was promoted to government whip in 1978, and soon afterwards the Lib-Lab pact dissolved.
There in a nutshell is the kind of inertia and hopelessness that would result from a Lib-Lab pact.
A Lib-Lab pact, with a new Labour leader?
An arrangement was negotiated in 1977 with the Liberals known as the Lib-Lab pact, but this ended after one year.
He declined the offer and voted as stated by his party, after the lapse of the Lib-Lab pact, for an immediate general election.
The Lib-Lab pact of 1977-8, when matters were so desperate that nobody knew when the government might fall, is a yet closer analogy.
A cosy Lib-Lab pact in the offing?
Callaghan also announces that the Lib-Lab pact, formed 18 months ago when the government lost its majority, has reached its end.
Eventually time, as well as the Lib-Lab pact, ran out and the government fell in a no confidence vote in March 1979.
It was the year of the Lib-Lab pact between Callaghan and David Steel.
In 1978 the Callaghan Government was in a minority and dependent on the Lib-Lab pact.
Any Lib-Lab pact in a coalition government might see Liberal spokesman Don Foster given the job.
The Lib-Lab pact was falling apart and without it Callaghan seemed unlikely to be able to soldier on past October.
It was he rather than Callaghan who negotiated the Lib-Lab pact with David Steel, which provided a little more time.
Is Mr Clegg saying there is no possibility of a Lib-Lab pact?
Furthermore, David Steel was seen to have fought a good campaign, his profile having risen as a result of the Lib-Lab Pact.
In order to sustain the government, Labour formed the Lib-Lab pact in March 1977 and this remained in force for 16 months.